Awash Bank of Ethiopia tops private banks in profit, deposit

During the budget year concluded June 30, 2021, Awash Bank of Ethiopia has become the top private financial institutions in the country out of those which reported their performances by announcing 4.8 billion Birr gross profit (up by 1.2 billion Birr from the previous year). Awash has also reported the largest amount of deposit in the history of private banks in Ethiopia.

“This is the highest performance ever registered in the history of our Bank,” said Tsehay Shiferaw, CEO of Awash Bank in his message to the shareholders. Showing an increment of 40 percent, the paid-up capital of Awash Bank for the year in review has also increased to 8.19 billion Birr from 5.85 billion Birr the preceding year.

“Reflecting the surge in paid-up capital, earnings per share has modestly declined to 470 Birr from 510 Birr last year for a par value of 1,000 Birr, which I believe is still very lucrative and encouraging to the shareholders,” he said in his message to the shareholders published on the annual report. Profit after tax of Awash for the year has increased to almost 3.40 billion Birr from about 2.60 billion Birr the previous year, according to the financial statement of the Bank released a few weeks ago.

At June 30, 2021 total deposit of Awash Bank stood at 108.1 billion Birr. “That was the highest deposit balance ever registered in our Bank as well as in the history of private banks in Ethiopia. The deposit balance grew by 33.81 billion Birr showing an increase of 46 percent in 2021 compared to the previous year,” Tsehay said.

“Total assets dramatically grew from 89.30 billion Birr in 2020 to Birr 128.70 billion Birr in 2021; i.e, a growth of 39.40 billion Birr or 44 percent, and that is the highest figure registered by all standards.”

Loans and advances took the biggest share of the total asset accounting 67 percent of the total assets of the Bank. “National Bank of Ethiopia bills accounted for 9.92 billion Birr or 7.7 percent of the total assets, but this is being redeemed at maturity, which will enhance the liquidity position of the Bank.